The funding will help Beep enhance its public transit autonomous mobility service. Here are the top-line bullets you need to know.
Beep, an autonomous mobility services company, has raised $25M in an extended Series A. The round drew participation from ABS Capital Partners, Intel Capital, and Blue Lagoon Capital, among others.
HOW’S THE COMPANY PERFORMING?
- Florida-based Beep offers driverless, electric, and multi-passenger transportation solutions for the public and private sectors.
- Over the past 2 years, the company has deployed and tested more than 20 public road routes across various US states.
- It has a team of about 80 people.
Source: Beep
WHY DOES THE MARKET MATTER?
- The global advanced driver assistance system market is expected to reach a value of $77.8B by 2027, growing at a CAGR of 18.8%, according to Global Industry Analysts.
- Autonomous vehicle tech is expected to go mainstream over the next 2 decades — and 40+ major corporates, including Google, Apple, and Mercedes Benz, have already launched self-driving vehicle initiatives.
- The Covid-19 pandemic has given autonomous driving technology a boost, as it can serve as a contactless, safe option for personal mobility and delivery services.
